Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best 5-year fixed mortgage rates in Canada + MORE Jul 12th
Mortgages
The best 5-year fixed mortgage rates in Canada
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Q4 2020 Bank Earnings – The End of Mortgage Deferrals Jan 13th
When 2020 came to an end, so too did the vast majority of mortgage deferral programs offered by the Big 6 banks and other Canadian lenders..... More »
BoC’s Call for Longer Mortgage Terms Raises Questions + MORE May 9th
Earlier this week Bank of Canada Governor Stephen Poloz called on banks and other lenders to offer more innovative mortgage products, namely longer-term mortgages. During a speech in Winnipeg, he said longer mortgage terms would “mitigate the normal risks in the system both for lenders and for.... More »
The Latest in Mortgage News – New Era, New Choices + MORE Apr 3rd
Here’s our latest recap of Canadian mortgage and real estate news. This week we look at: The latest housing affordability report, which came out with fairly predictable results How the post-OSFI stress test bump in business for credit unions may not be materializing What HomEquity’s 2017.... More »
Breaking down bank fees + MORE Jul 16th
The COVID-19 pandemic has hit a lot of Canadians hard—emotionally, physically and financially. So it isn’t surprising that many are calling out banks that raised their fees to consumers at a time when so many people are struggling. Given the number of banks that have also reported record profits.... More »
Retirement rethink: Find out where you’ll call home
– moneysense.ca
(monkeybusinessimages/iStock)Diane and Mike did what many retirees do. They sold their place in the city and downsized to a smaller, cheaper place out of town. But in their case, cheaper actually means free.
The couple now lives in the guest apartment on a large acreage near Calgary. In exchange for free rent on a small one-bedroom apartment on the property, they spend the winter taking care of the horses and cats, and checking in on the main house. They will put those savings to good use this summer, spending three months travelling around Europe. It might sound like an absurd idea, especially for two former professionals with a sizeable nest egg. But they are thrilled with their simple, ultra low-cost life.
Housing is one of the biggest expenses you’ll need to pay in retirement. Even if you’re mortgage-free you’re still on the hook for utilities, taxes and maintenance. So as you think about what your life might look like when you’re no longer drawing a pay cheque, challenging your assumptions about where you live could really pay off…
15 home insurance myths to stop believing now
– moneysense.ca
(Getty Images / Dimitri Otis)Home insurance can be a tricky topic, and if you’re not reading the fine print, you could be relying on inaccurate myths to inform your coverage decisions. Luckily, InsurEye, a Canadian insurance education site has compiled a massive list of 111 insurance myths that are out there. Last month we looked at the top 10 auto insurance myths to debunk. This month we’ll look at the top 10 home insurance myths and get the facts.
1.MYTH: You must have home insurance.
FACT: Unlike auto insurance, home insurance has not been made mandatory by the government. If you own the property and have a mortgage on it, often, your bank or lender will require that you hold an active home insurance policy and name them on that policy. If you do not own the property but are renting it, your landlord may require that you have renter’s insurance.
2. MYTH: If I am away on vacation, my house is covered.
FACT: If you simply leave for vacation without taking precautions, you are not always covered…
Ontario Car Insurance Rates Drop Slightly
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have dropped by 0.14 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the fourth quarter of 2016, approved rates decreased overall by 0.14 per cent on average, with some companies lowering their rates by as much as 3.13 per cent.
“Ontario has a very competitive marketplace,” FSCO said in its quarterly statement. “Rates for the same coverage vary based on each insurer’s claims experience and the insurer’s rating system…
